Blender 2.79: Apply location snaps origin to the object's original location
Well I think I very quickly answered my own question by just playing around with it a bit. I don't recall ever using it before, but apparently I applied the Location to Deltas for that object previously. To resolve, I repeated the process for the new origin location.


Set Origin > Origin to Geometry
CTRL+A > Location to Deltas


Hopefully this will help someone else who encounters this in the future. Cheers!